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SYDNEY - Cryptocurrency mining and AI infrastructure company IREN Limited (NASDAQ:IREN), with a market capitalization of $4.07 billion and impressive revenue growth of 128% over the last twelve months, has reached its mid-year target of 50 exahash per second (EH/s) of Bitcoin mining capacity while expanding its AI cloud business with approximately 2,400 NVIDIA Blackwell GPUs, according to a monthly update released Monday.
The company reported record monthly revenue of $65.5 million from Bitcoin mining in June, up from $64.7 million in May, with hardware profit margins of 75%. IREN mined 620 Bitcoin during the month at an average net electricity cost of $26,259 per Bitcoin. According to InvestingPro data, the company maintains an exceptional gross profit margin of 91.66%, though analysts note it’s currently burning through cash rapidly. Get access to 15+ more exclusive ProTips and comprehensive analysis with InvestingPro.
IREN’s AI Cloud Services generated $2.2 million in revenue with a 98% hardware profit margin. The company said its existing Hopper GPUs are near full utilization, supporting customers on contracts ranging from on-demand to three years.
"We delivered another month of record revenues, executed an oversubscribed convertible note offering, reached our self-mining target of 50 EH/s, transitioned to U.S. domestic issuer status, and more than doubled our AI Cloud business with the procurement of next-generation NVIDIA Blackwell GPUs," said Daniel Roberts, Co-Founder and Co-CEO, in the press release.
The company has paused further Bitcoin mining expansion to prioritize AI infrastructure development. IREN reported that its Childress data center in Texas now has 650MW of operating capacity, with Phase 5 (150MW) complete. Its Horizon 1 project, designed for up to 50MW of IT load, is on track for delivery in Q4 2025. With a beta of 3.99, IREN’s stock shows significantly higher volatility than the market average.
IREN also secured $550 million through an oversubscribed convertible notes offering. The company said it is continuing to engage with potential customers for its AI data center offerings across various structures including powered shells, build-to-suit facilities, and turnkey colocation.
The company operates nearly 3GW of grid-connected power across its facilities and is developing additional capacity at its Sweetwater sites, with Sweetwater 1 (1.4GW) targeting energization in April 2026. Based on InvestingPro’s Fair Value analysis, IREN is currently trading near its Fair Value. Discover detailed valuation metrics and access the comprehensive Pro Research Report, available for 1,400+ top US stocks, to make more informed investment decisions.
In other recent news, Iren Ltd has transitioned to a U.S. domestic issuer status for SEC filings, which means the company will now be subject to more detailed and prompt reporting obligations. This change marks a shift from its previous status as a foreign private issuer. Additionally, Iren Ltd announced the purchase of 2,400 NVIDIA Blackwell GPUs for approximately $130 million, fully funded from existing cash, to expand its AI cloud services. This acquisition will increase Iren’s GPU fleet to approximately 4,300 units, with installations planned at its Prince George, British Columbia campus.
In another development, Iren has appointed Anthony Lewis as Chief Capital Officer to oversee the company’s capital markets activity. Lewis brings over two decades of experience from Macquarie Group, where he held the position of Co-Treasurer. Furthermore, Iren closed a $550 million convertible notes offering at 3.5%, upsized from an initial $450 million due to strong investor demand. The proceeds will be used for general corporate purposes, including funding capped call transactions and a prepaid forward share purchase transaction. These recent developments highlight Iren’s strategic moves to enhance its financial and operational capabilities.
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